Would you like to help a family member buy their first home or help them move up to a house with a basement suite (mortgage helper) to accommodate a growing family?

Accumulating enough down payment funds is often the biggest challenge for home buyers (especially with the new mortgage rules).  The Family Equity Plan allows families to help each other by taking advantage of unused equity in their existing real estate. This can be achieved via a conditional gift which forms part or all of the down payment, which can be sourced from the donor’s existing liquid resources or unused equity in the donor’s property. If the down payment exceeds 20% of the purchase price the gift funds can be registered as a 2nd charge (mortgage) after the bank’s first mortgage.  The conditional gift which is registered does not bear any interest and must be paid back to the donor on the sale of the property.
 
Please contact us for more information.